Striking HarperCollins First Quarter Profit Loss from $36 M to $3 M
The numbers in this report is so shocking to me that I still don’t know if I am reading it right.
Unrelenting costs pressures combined with a 4.5% decline in sales to drive down first quarter operating profit at HarperCollins to $3 million from $36 million in the last year’s fiscal first period. Revenue fell from $330 million to $315 million. Profits were also hurt by higher returns and a decline in distribution income (HC fulfilled Harry Potter and the Deathly Hallows last July).